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With the top three global trade insurers now refusing to cover Greek imports, the trap of economic isolation is rapidly closing on Greece.

'Dutch credit insurer Atradius NV, one of the three largest credit insurers worldwide, said Friday it is assessing the credit default risk of every Greek company and withdrawing cover or cutting limits for those that are highly dependent on imports or business with the public sector.'

'Euler Hermes, a unit of Germany's Allianz SE, said Wednesday its management board decided late Tuesday that it won't provide insurance for new exports to Greece "due to the recent economic developments and political uncertainties."

'Coface, the number three player in the trade credit insurance business, has also suspended coverage for exporters shipping to Greece, the Financial Times newspaper reported on Wednesday.'

'Credit export insurance ensures that exporters are paid if their clients default. The loss of such cover is likely to have a major impact on the willingness of companies to trade with the country involved.'
http://online.wsj.com/article/SB1000142405270230364010457744...
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